A new report has projected that the tank insulation market will reach $6.5bn by 2023, at a CAGR of 4.5 percent from $5.2bn in 2018.
The report from MarketsandMarkets is titled “Tank Insulation Market by Material (PU & PIR, Rockwool, Fiberglass, Elastomeric Foam, EPS), Type (Storage, Transportation), Temperature (Hot, Cold), End-Use Industry (Oil & Gas, Chemical, Food & Beverage, Energy & Power) – Global Forecast to 2023”.
Transportation and storage of various materials are the major applications of tank insulations in the oil & gas and chemical sectors. In addition, the necessity to insulate tanks to save energy is another reason driving the tank insulation market. The growing production of oil in countries such as the US, Saudi Arabia, Iran, and Russia is also fuelling the market growth. Rapid industrialisation in APAC, especially in China and India, is another factor driving the demand for tank insulation materials in industrial plants.
The PU & PIR segment is estimated to account for the largest share of the tank insulation market during the forecast period, in terms of value. PU & PIR are majorly used in storage and transportation facilities of materials where cold or cryogenic conditions are required. Furthermore, these are also used in cold stores and food processing plants.
The oil & gas segment is estimated to be the largest end-use industry of tank insulation during the forecast period. In the oil & gas segment, tank insulation is used in transportation & storage vessels, where oil and natural gases/LNG are stored and in the liquefaction plant, where conversion of natural gas into a liquid state is undertaken. Insulating tanks help in maintaining the actual form of LNG while storing and transporting. Hence, demand for LNG as a fuel across the globe is expected to increase the demand for tank insulation in the oil & gas industry.
The APAC tank insulation market is estimated to witness considerable growth on account of the rapidly growing chemical industry. China is estimated to account for the largest share of the tank insulation market in the APAC region during the forecast period, in terms of value, owing to the high demand for storing and transporting tank fluids from a wide range of growing end-use industries such as chemicals and energy & power. Increasing investment in the energy sector, urbanisation, industrialisation, and infrastructural development are expected to drive the tank insulation market during the forecast period.
The key market players profiled in the report include Rockwool International A/S (Denmark), Owens Corning (US), Saint-Gobain (France), Kingspan Group (Republic of Ireland), Armacell International S.A. (Germany), Cabot Corporation (US), Johns Manville (US), Knauf Insulation (US), BASF SE (Germany), and Covestro AG (Germany).
For more information visit www.marketsandmarkets.com
15th January 2019